Global Laboratory Freezers Market Segmentation, By Product Type (Freezers, Refrigerators, Cryopreservation Systems), End User (Blood Banks, Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Medical Laboratories, Hospitals, Pharmacies), Target Audience (Laboratory Equipment Manufacturers, Laboratory Freezer Manufacturers, Original Equipment Manufacturers, Suppliers and Distributors of Laboratory Freezers, Hospitals, Healthcare Service Providers, Diagnostic Centers, Laboratories, Medical Institutes, Blood Banks, Research and Consulting Firms, Others), – Industry Trends and Forecast to 2031
Laboratory Freezers Market Analysis
Laboratory freezers are commonly used equipment in many blood banks, academic institutions, pharmaceutical and biotechnological companies for the storage of various biological products such as blood, tissues, serum, and vaccine samples, among others. The freezers can be used as a storage area for biological samples that are being studied and used in experiments.
Laboratory Freezers Market Size
Global laboratory freezers market size was valued at USD 1.18 billion in 2023 and is projected to reach USD 6.55 billion by 2031, with a CAGR of 5.80% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Laboratory Freezers Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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Thermo Fisher Scientific Inc.(US) LabWare (US), LabVantage Solutions Inc. (US), Abbott (US), Waters Corporation. (US), Agilent Technologies, Inc (US), IDBS (US), PerkinElmer, Inc. (US), Autoscribe Informatics. (UK), Arxspan a Bruker Company (US), Dassault Systèmes (France), RURO Inc., Kinematik (Ireland), LabLynx LIMS (US), Labworks (US), Cerner Corporation (US), McKesson Corporation (US) and Scientific Equipment Repair (US).
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Laboratory Freezers Market Definition
A laboratory freezer is a piece of equipment used by many blood banks, academic institutions, pharmaceutical and biotechnological companies, and others to store medical equipment, devices, organs, and other items. Thermal insulation technology is used in laboratory freezers to help maintain a cold environment inside the freezer by converting heat from the outside environment.
Laboratory freezers Market Dynamics
Drivers
- The rise in the public private funding
One of the major factors driving market growth is an increase in public-private funding for targeted research activities, which is being accompanied by an increase in the prevalence of infections. Another market growth driver is the increasing demand for organ transplant procedures.
- The increase in the technological advancement and healthcare funding
Ever-increasing technological advancement and innovation of new medical devices and instruments, an increase in the number of product launches, increased government support for research activities and clinical trials, and increased government funding, as well as the untapped potential of emerging markets, will all contribute to lucrative market growth opportunities.
- Government investments for healthcare interoperability
The increase in the funding by the federal government to drive the adoption of these solutions further influence the market. Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the laboratory freezers market.
.Restraints/Challenges
The high investment and maintenance costs associated with laboratory freezers will slow market growth. Furthermore, the market will face additional challenges due to the high value of ownership and fluctuating raw material costs.
This laboratory freezers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the laboratory freezers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Laboratory Freezers Market
In the best-case scenario, the COVID-19 pandemic has had a significant long-term positive impact on the laboratory freezers market. Initially, there was a drop in the lab freezers/refrigerators market in early 2020 as a result of lockdowns and quarantine measures. However, as the disease spread around the world, the number of laboratories, COVID-19 testing sites, and processing facilities handling SARS-CoV-2 samples, reagents, and vaccines increased exponentially. As a result, the demand for laboratory refrigerators, freezers, and ultra-low-temperature freezers to support sample processing, testing, and vaccine development labs has increased.
Laboratory Freezers Market Scope
The laboratory freezers market is segmented on the basis of product type, end user and target audience. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product type
- Freezers
- Refrigerators
- Cryopreservation systems
End User
- Blood banks
- Pharmaceutical and biotechnology companies
- Academic and research institutes
- Medical laboratories
- Hospitals
- Pharmacies
Target Audience
- Laboratory equipment manufacturers
- Laboratory freezer manufacturers
- Original equipment manufacturers
- Suppliers
- Distributors of laboratory freezers
- Hospitals
- Healthcare service providers
- Diagnostic centers
- Laboratories
- Medical institutes
- Blood banks
- Research and consulting firms
Laboratory Freezers Market Regional Analysis
The laboratory freezers market is analyzed and market size insights and trends are provided by country, product type, target audience and end users as referenced above.
The countries covered in the laboratory freezers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the laboratory freezers market in terms of market share and revenue, and this dominance is expected to continue throughout the forecast period of 2024-2031. This is due to an increase in the expenditure for research and development capabilities, as well as the rising prevalence of infectious diseases. Asia-Pacific, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to rising government spending on healthcare and growing awareness of the importance of laboratory freezers.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The laboratory freezers market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for laboratory freezers market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the laboratory freezers market. The data is available for historic period 2010-2020.
Laboratory Freezers Market Share
The laboratory freezers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to laboratory freezers market.
Laboratory Freezers Market Leaders Operating in the Market Are:
- Thermo Fisher Scientific Inc. (US)
- LabWare (US)
- LabVantage Solutions Inc. (US)
- Abbott (US)
- Waters Corporation. (US)
- Agilent Technologies, Inc (US)
- IDBS (US)
- PerkinElmer, Inc. (US)
- Autoscribe Informatics. (UK)
- Arxspan a Bruker Company (US)
- Dassault Systèmes (France)
- RURO Inc., Kinematik (Ireland)
- LabLynx LIMS (US)
- Labworks (US)
- Cerner Corporation (US)
- McKesson Corporation (US)
- Scientific Equipment Repair (US)
Latest Developments in Laboratory Freezers Market
- Eppendorf AG (Germany) redesigned and upgraded the CryoCube F570 in March 2021 to include future-proof green cooling liquids, green insulation foam, and improved performance.
- Helmer Scientific (US) introduced the GX Solutions Laboratory & Plasma Freezers for vaccines, medications, blood therapies, and sample storage in March 2021, utilising Global Warming Potential (GWP) Technology. UnitedHealth Group (US) launched virtual primary care for employees in January 2021 for wellness and routine and chronic condition management.
- B Medical Systems (Luxembourg) joined forces with Dr. Reddy's Laboratories (India) in June 2021 to provide cold chain solutions for the Sputnik V vaccine roll-out in India.
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